Please submit a 150word short answer essay based on the cour

Please submit a 150-word short answer essay, based on the course learning objectives( Project Management) explaining how you will Solve business problems with appropriate quantitative decision-making models. How will you apply these concepts in your future career?

Solution

Quantitative forecasting methods can be defined as a method in which the predictions are made on the numerical facts for predicting the upcoming events.

Two main type of quantitative forecasting methods are as follows

? Explanatory method

? Time series method

Explanatory method

Explanatory Method can be defined as a method in which changes for the specific term is measured with the help of the statistical data and this directly helps in explain in what is causing the specific variation hence we call it explanatory model for the forecasting.

Time series method

Time series Method can be defined when the data is very useful for forecasting the things which can change over time. For example stock prices of Walmart or monthly rainfall as well as annual Google profits can be a part of the time series method for forecasting which provides an Observation for the same thing and helps in forecasting. This is done by predicting the sequence of the specific Observation for the future.

Qualitative approach forecasting done with solutions when the sufficient information is not available for the specific topic. Where the specific data is not available qualitative approaches are used.

By using different quantitaitve decsion models one can easily improve the decision model and the decision making processes.Quantitative models help the decision making process and improves the overall results.